October 7, 2013 - The Honourable Lynne Yelich, Minister of State (Foreign Affairs and Consular), today continued cross-country consultations on Canada’s extractive sector by meeting industry representatives in Saskatoon. The objective of the consultations is to help guide the Government of Canada as it looks at ways to continue to support the extractive sector and foster success in priority markets around the world.
“Saskatchewan’s extractive sector is creating jobs and prosperity here at home and in every corner of the globe, and this success relies heavily on markets outside of Canada,” said Minister of State Yelich. “By undertaking cross-country consultations, we are working hand-in-glove with an industry vital to Canada’s economic success to ensure we are on the right track to help maximize the sector’s success at home and abroad in key priority markets.”
Saskatchewan’s extractive sector relies on foreign markets. Canada has almost half the world’s potash reserves, most of them are in Saskatchewan. Saskatchewan also produces crude oil, natural gas and coal, accounting for about one quarter of Canada’s established reserves of crude oil and 5 percent of its established gas reserves. Saskatchewan also has large deposits of a high grade of uranium, which is processed into yellowcake for international markets.
The Honourable Ed Fast, Minister of International Trade, launched the cross-country consultations on September 18 in Vancouver. Subsequent consultations were held with companies and industry associations in Montréal, Calgary and Toronto. Representatives of about 50 companies and industry associations participated in the meetings.
Extractive-sector—mining and oil and gas—exports generated $124 billion in 2012, accounting for over 28 percent of total domestic exports. With interests in more than 8,000 properties in more than 100 countries, Canadian extractive-sector companies account for almost half the mining and exploration activity in the world. Canadian extractive-sector companies operate projects in the United States, Latin America, Africa, Europe and throughout the Asia-Pacific region. Their international efforts support thousands of high-paying jobs across Canada—in cities as well as in rural and remote communities—and in communities where Canadian companies operate abroad. Nearly 3,200 suppliers serve the industry, including hundreds of engineering, environmental, legal, financial and equipment companies.
“Our government is committed to helping a sector so vital to our economy continue to thrive in global markets,” said Minister Fast. “The input we are receiving at consultations across Canada is invaluable as we develop policies that support our proud extractive sector, which contributes so much to the economy by creating jobs, growth and long-term prosperity in every region of the country.”
For more information, or to make a submission to the consultation process, please visit Cross-Country Extractive Sector Consultations.
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Minister of International Trade
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